Key Takeaway: eXp Realty, Real Broker, LPT Realty, and Fathom Realty share a no-office baseline but differ structurally in commission structure, fee levels, revenue share programs, equity and stock programs, and financial stability metrics. Agents evaluating these four brokerages need to compare each variable individually rather than assume the models are interchangeable.
TL;DR About Cloud Brokerage Comparison
- Four major cloud brokerages share no-office baseline
- Financial stability metrics differ across the four
- Commission structures and fee levels vary significantly
- Revenue share tiers and pool structures vary
- Equity and stock programs vary or are absent
- Training delivery depth differs across all four
- Growth phase affects brokerage risk and opportunity profile
eXp Realty, Real Broker, LPT Realty, and Fathom Realty are the four major cloud-based real estate brokerages operating in the United States. All four eliminate the physical office requirement and deliver brokerage services through virtual infrastructure.
Many agents treat these four brokerages as interchangeable because they share the no-office model. The four differ in financial stability, commission structure, revenue share program design, and equity program availability in ways that require separate evaluation.
This article explains how comparing the major cloud brokerages fits into the broader Smart Agent Alliance brokerage comparison resources agents use to research and compare brokerages.
The sections below cover shared baseline characteristics, financial stability metrics, commission and fee structure, revenue share and equity programs, training depth, and growth phase framing across eXp, Real, LPT, and Fathom:
Table of Contents
What the Four Major Cloud Brokerages Have in Common
eXp Realty, Real Broker, LPT Realty, and Fathom Realty all operate without a required physical office. Agents at each brokerage affiliate virtually and access brokerage services through digital platforms rather than a local office.
All four operate outside a traditional franchise structure. Agents are not required to affiliate with a branded local office or pay franchise royalties on transactions.
All four include technology as part of the agent affiliation package rather than requiring agents to source tools independently. All four use an agent-owned production model in which each agent’s transaction income is calculated on that agent’s individual production.
The shared cloud baseline makes direct structural comparison meaningful. Fee levels, revenue share program design, equity programs, and financial stability vary across the four and require separate evaluation before any affiliation decision.
Financial Stability: How to Evaluate a Cloud Brokerage Long-Term
| Metric | eXp Realty | Real Brokerage | LPT Realty | Fathom Realty |
|---|---|---|---|---|
| Founded | 2009 | 2014 | 2022 | 2010 |
| Agent Count (YE 2025) | 83,060 | 31,739 | 15,000-22,000 | ~14,135 |
| Glassdoor Rating | 4.4 (3,141 reviews) | 4.5 (156 reviews) | 3.5 overall / 4.6 agent | 4.6 (364 reviews) |
| Glassdoor Top 100 | 2018-2025 (8 years) | 0 | 0 (too new) | 0 |
| Listed Stock | AGNT (Nasdaq) | REAX (Nasdaq/TSX) | Not Listed | FTHM (Nasdaq) |
| Profitable Quarters 2020-2025 | 16 of 24 | 1 of 24 (Q2 2025) | Not Public | 1 of 24 (Q2 2020) |
Financial stability in brokerage evaluation refers to a brokerage’s ability to sustain operations, maintain agent compensation programs, and remain solvent over time. Brokerage financial health affects whether revenue share programs, equity programs, and operational infrastructure remain available.
Key evaluation metrics include: public vs private operating status, profitable quarter history, agent count trajectory over recent years, revenue per agent trends, and publicly available debt or cash reserve data.
eXp Realty, Real Broker and Fathom Realty are publicly traded companies. LPT Realty is privately held. Publicly traded brokerages are required to file quarterly earnings reports and SEC disclosures, which provide direct access to financial stability data.
Financial stability metrics do not predict agent-level compensation amounts. A profitable brokerage does not guarantee that individual agent net income will increase or remain stable.
Commission Structure and Fee Comparison Table
| Metric | eXp Realty | Real Brokerage | LPT Realty | Fathom Realty |
|---|---|---|---|---|
| Commission Split | 80/20 ? 100/0 + $16K ICON bonus | 85/15 ? 100/0 + $20K RSUs | 80/20 or $500/txn flat | 100/0, 88/12, or 80/20 (by plan) |
| Production Cap | $16,000 | $12,000 | $15K or $5K (by plan) | $0 / $9K / $12K (by plan) |
| Annual Fees | $1,020/yr ($85/mo) | $900/yr + $249 startup | $500/yr + $89-$149/mo | $700/yr + $99 activation |
| Transaction Fees | $25 pre-cap; $250 post-cap (first 20), $75 after | $0 pre-cap; $285 post-cap | $195/txn (after $2.5K GCI) | $465/txn ($165 post-cap) |
| E&O Insurance | $60/txn ($750/yr cap) | $50/txn (CBR fee) | $0 (included) | $35/txn |
| Broker Review Fee | $85/txn | Included | Included | Included |
eXp Realty and Real Broker operate on a split plus cap model. LPT Realty and Fathom operates on an agent choice between 100% commissions or a split plus cap model with revenue share earning potential.
Revenue Share and Equity Programs: A Four-Brokerage Comparison
| Metric | eXp Realty | Real Brokerage | LPT Realty | Fathom Realty |
|---|---|---|---|---|
| Revenue Share Income | Yes (7 tiers) | Yes (5 tiers) | Yes (7 tiers) | Yes (5 tiers) |
| Stock Production Awards | $200 1st sale, $400 capping | 150 shares for capping | 75-150 shares for sales | None |
| Top Agent Bonus | ICON $16K stock award | $20K RSUs (vest 3 yrs) | Stock awards (private) | None |
| Willable Income | Yes | Yes (with qualifications) | Yes | Yes |
eXp Realty offers a revenue share program with seven tiers based on downline depth. Revenue share is calculated as a percentage of the gross commission generated by sponsored agents. The program is willable and can be kept in retirement. Front-line agent production requirements apply for full participation. eXp also offers a stock award program tied to production milestones and ICON Agent status.
Real Broker offers a revenue share program with a five tier structure. Revenue share pool structure differ from eXp’s program.
LPT Realty offers a revenue share program with a seven tier structure funded by 50% of company dollar, split 31% at Tier 1, 18% at Tier 2, 7% each at Tiers 3, 4 and 5, 10% at Tier 6 and 20% at Tier 7. Only agents enrolled in the RevShare Partner plan (currently named Brokerage Partner) can receive it; agents on the flat-fee Business Builder plan generate revenue share for eligible uplines at a lower rate but cannot receive any themselves. LPT is not publicly traded.
Fathom Realty offers a revenue share program with five tiers. Like LPT, the available revenue share pool does not receive contributions from all agents. It only receives contributions from agents not opting into a flat-fee commission structure. Fathom Realty is publicly traded but Fathom does not include equity grants or stock award programs as part of agent compensation.
Training and Support Depth
| Metric | eXp Realty | Real Brokerage | LPT Realty | Fathom Realty |
|---|---|---|---|---|
| Live Training Hours/Week | 50+ | 30+ | Daily live + on-demand | 600+ on-demand courses |
| 24/7 Support | Yes | Yes (AI + live) | Yes | No |
| Sponsor Value (Free Mentorship) | Yes | No | No | No |
eXp Realty delivers training through eXp University, with 50+ hours of live training and a library of on-demand video courses covering production, technology, and compliance topics. Live virtual training sessions are held regularly through eXp World, the brokerage’s virtual campus platform. Additional training is available through some eXp Realty sponsors who are free to create and supply their own training to their downline agents.
Real Broker delivers virtual training sessions and maintains an on-demand library. Training availability and library depth are smaller than eXp’s current catalog.
LPT Realty delivers virtual training through its platform. As a growing brokerage, its training library is expanding but is currently less extensive than eXp’s.
Fathom Realty provides virtual training access to affiliated agents. Delivery format is on-demand and virtual. Training depth and catalog size are more limited relative to eXp.
Training availability does not determine agent production outcomes. Access to training content and actual agent utilization are separate variables.
Growth Phase and Agent Profile Fit
eXp Realty is the most established of the four cloud brokerages by agent count, public market tenure, and program maturity. Real Broker and LPT Realty are in earlier growth phases with smaller agent bases and newer program structures. Fathom Realty is publicly traded but smaller in agent count.
A mature brokerage offers more established infrastructure, documented program history, and greater financial transparency. An earlier-stage brokerage may offer faster-growing revenue share downlines and potentially better stock value positioning, alongside greater uncertainty about program longevity.
Agent profile fit depends on production level, sponsoring capacity, and risk tolerance. No single growth phase profile suits all agents. Evaluating fit requires weighing current fee structure, income program design, and brokerage stability against each agent’s priorities.
For head-to-head brokerage matchup analysis, see eXp vs LPT, eXp vs Real, and eXp vs Fathom.
What Agents Also Ask About Cloud Based Brokerages
What is the difference between eXp Realty and Real Broker structurally?
Both use a split plus cap model but differ in cap amount, monthly fee structure, transaction fee levels, and equity program design. eXp operates a 7-tier willable revenue share with a stock award program. Real operates a 5-tier structure.
Does LPT Realty have a stock or equity program?
LPT Realty offers private stock access as part of its compensation structure. Because LPT is privately held, the stock is not publicly traded. Vesting conditions and forfeiture terms apply. Agents should confirm current program terms directly with LPT before evaluating private stock as a compensation input.
What financial metrics indicate a cloud brokerage is stable?
Key indicators include public vs private operating status, profitable quarter history, agent count trajectory over recent years, and revenue per agent trends. For publicly traded brokerages, quarterly earnings reports and SEC filings provide direct access to this financial data.
Why This Matters
Comparing cloud brokerages accurately requires evaluating financial stability, fee structure, and income programs, not only the shared no-office baseline. At eXp Realty, all agents receive the same core brokerage platform, including compliance, compensation, and access to company divisions.
What differs is the sponsor ecosystem an agent aligns with. The sponsor an agent selects shapes which tools, training, and resources, if any, they can access, including structured support for evaluating cloud brokerage options before a switch decision.
You can also learn more about how eXp Realty works and why choosing the right eXp sponsor can affect the support, systems, training, and resources you receive after joining.
Best Cloud Based Real Estate Brokerage: How the Four Compare
There is no single best cloud based real estate brokerage for every agent. The four share a no-office baseline, so the honest answer comes from ranking them against the variables that actually differ: total annual cost at your production level, revenue share program design, equity access, financial stability, and training depth.
How we compare them: every figure below is a published brokerage term, and every cost total is built only from those published terms. We do not model lead costs, marketing spend, or franchise fees, because none of the four charge franchise royalties. No income, earnings, or return is projected for any brokerage.
| Brokerage | Starting split | Cap | Fixed annual cost | Per-file fees | Revenue share | Equity program |
|---|---|---|---|---|---|---|
| eXp Realty | 80/20 | $16,000 | $1,020/yr ($85/mo) | $25 pre-cap; $250 post-cap (first 20), $75 after; $60/txn E&O ($750/yr cap); $85/txn broker review | Yes (7 tiers) | Yes ($200 1st sale, $400 capping; ICON $16K stock award) |
| Real Brokerage | 85/15 | $12,000 | $900/yr + $249 startup | $0 pre-cap; $285 post-cap; $50/txn CBR fee | Yes (5 tiers) | Yes (150 shares for capping; $20K RSUs, vest 3 yrs) |
| LPT Realty | 80/20 or $500/txn flat | $15K or $5K (by plan) | $500/yr + $89-$149/mo | $195/txn (after $2.5K GCI); E&O included | Yes (7 tiers), flat-fee agents do not contribute to the pool | Private stock (75-150 shares for sales) |
| Fathom Realty | 100/0, 88/12, or 80/20 | $0 / $9K / $12K | $700/yr + $99 activation | $465/txn ($165 post-cap); $35/txn E&O | Yes (5 tiers), flat-fee agents do not contribute to the pool | None |
The pattern in that table is the whole comparison. Fathom and LPT front-load low cost and remove the equity and full revenue share pool contribution. eXp and Real charge more of the first commissions and put the difference into cap-based programs, stock awards, and support infrastructure.
What Each Cloud Brokerage Costs at $150,000 GCI
Scenario: a solo agent closes 12 transactions in a year for $150,000 in gross commission income, which is $12,500 average commission per transaction ($150,000 / 12). Every fee below is the brokerage’s own published term. Where a brokerage offers multiple plans, the lowest-cost plan is used, and the plan is named in the column header.
| Cost component | eXp Realty | Real Brokerage | LPT Realty (flat plan) | Fathom Realty (100% plan) |
|---|---|---|---|---|
| Commission paid to brokerage (to cap) | $16,000 | $12,000 | $5,000 | $0 |
| Fixed annual and startup fees | $1,020 | $1,149 | $1,568 | $799 |
| Per-transaction fees | $1,650 | $1,710 | $2,340 | $5,580 |
| E&O and broker review | $1,740 | $600 | $0 | $420 |
| Total year-one cost | $20,410 | $15,459 | $8,908 | $6,799 |
How each total is built
- eXp Realty: the 80/20 split sends 20% of GCI to the brokerage, which would be $30,000 at $150,000 GCI, so the $16,000 cap applies. The cap is reached at $80,000 GCI ($16,000 / 20%), which lands on transaction 7, so 6 transactions bill at $25 for $150 and the remaining 6 bill at $250 for $1,500, which is $1,650 in transaction fees. E&O is 12 x $60 = $720, under the $750/yr cap. Broker review is 12 x $85 = $1,020. Fixed cost is $1,020/yr.
- Real Brokerage: the 85/15 split sends 15% of GCI to the brokerage, which would be $22,500, so the $12,000 cap applies. The cap is also reached at $80,000 GCI, so 6 transactions bill at $0 and 6 at $285, for $1,710. The CBR fee is 12 x $50 = $600. Fixed cost is $900 + $249 = $1,149.
- LPT Realty (flat plan): $500/txn x 12 = $6,000, above the $5K plan cap, so $5,000 is billed. Transaction fees are $195 x 12 = $2,340, since every $12,500 commission clears the $2.5K GCI threshold. E&O is included. Fixed cost is $500/yr plus the low end of the $89-$149/mo range, $89 x 12 = $1,068, for $1,568.
- Fathom Realty (100% plan): the 100/0 plan has a $0 cap, so no commission split is paid. Transaction fees are $465 x 12 = $5,580 and E&O is $35 x 12 = $420. Fixed cost is $700 + $99 = $799.
The ranking changes above the cap
At $150,000 GCI the flat-fee models cost the least. Above the cap that reverses, because a capped agent stops paying a split and pays per-file costs only:
- eXp post-cap: $250 + $60 + $85 = $395 per file for the first 20 post-cap transactions, then $75 + $60 + $85 = $220 per file.
- Real post-cap: $285 + $50 = $335 per file.
- LPT flat plan: the $500/txn flat fee stops at the $5K cap, leaving the $195/txn transaction fee.
- Fathom 100% plan: there is no cap to reach, so $465 + $35 stays on every file for the full year.
That is why cost alone does not settle the question. A capping agent pays a large share of it in the first half of the year and then pays per-file rates that are lower than an uncapped flat plan, while also keeping access to the full revenue share pool and the stock award programs the flat plans exclude.
Pros and Cons of Each Cloud Brokerage
eXp Realty
- Pros: largest agent base of the four at 83,060; the only one of the four with a Glassdoor Top 100 record (2018-2025); 16 of 24 profitable quarters 2020-2025; 7-tier willable revenue share; stock awards at first sale and at capping plus the ICON $16K stock award; 50+ live training hours per week; sponsor-provided mentorship available at no cost.
- Cons: highest year-one cost of the four at $150,000 GCI ($20,410); the only one of the four charging a separate $85/txn broker review fee; the $16,000 cap is the highest.
Real Brokerage
- Pros: highest starting split at 85/15 and lowest split-model cap at $12,000; no pre-cap transaction fee; $20K RSU award for top producers; 30+ live training hours per week; 24/7 AI and live support.
- Cons: 1 of 24 profitable quarters 2020-2025; 5 revenue share tiers rather than 7; RSUs vest over 3 years; no sponsor-provided mentorship layer.
LPT Realty
- Pros: lowest-cost split-model entry through the $500/txn flat plan; E&O included at $0; 7 revenue share tiers; daily live training plus on-demand.
- Cons: founded 2022 and privately held, so no quarterly earnings or SEC filings to check; stock is private, not publicly traded, with vesting and forfeiture terms; flat-fee Business Builder agents cannot receive revenue share and generate roughly a third as much of it for their upline, which limits what the program pays out; 3.5 overall Glassdoor rating.
Fathom Realty
- Pros: lowest year-one cost of the four at $150,000 GCI ($6,799); 100/0 plan with a $0 cap; three plan choices; 4.6 Glassdoor rating; 600+ on-demand courses.
- Cons: no equity grants or stock award program of any kind; 1 of 24 profitable quarters 2020-2025; smallest agent base of the four at roughly 14,135; no 24/7 support; flat-fee agents do not contribute to the revenue share pool.
Which Cloud Brokerage Is Best for Which Agent
- Best for agents who want the most established platform: eXp Realty. Largest agent count, longest public-market tenure, most profitable quarters of the four, deepest live training schedule, and the only one where a sponsor can add structured mentorship on top of the brokerage platform.
- Best for pure split economics on a capping year: Real Brokerage. The 85/15 split and $12,000 cap put the least commission dollars into the brokerage among the split-plus-cap models, with no pre-cap transaction fee.
- Best for agents who want plan flexibility season to season: LPT Realty. The choice between 80/20 and a $500/txn flat plan lets cost track production, with the tradeoff that the flat plan cannot receive revenue share and feeds the pool at roughly a third the rate.
- Best for the lowest cash cost at moderate volume: Fathom Realty. The 100/0 plan with a $0 cap produces the lowest year-one total in the scenario above, with no equity program in exchange.
Decision checklist before you pick one
- Run your own GCI and transaction count through the four fee schedules above. The ranking flips depending on whether you cap.
- Check whether the plan you want can receive revenue share and how much it feeds the pool. At LPT the flat-fee Business Builder plan cannot receive any and generates roughly a third the rate; at Fathom the flat-fee plan sits outside the pool.
- Decide whether equity matters to you. Fathom has no stock program, and LPT’s stock is private with vesting and forfeiture terms.
- Pull the financial stability data yourself. eXp, Real, and Fathom file quarterly with the SEC. LPT is private and does not.
- Confirm what your sponsor adds. At eXp the brokerage platform is identical for every agent, so training, systems, and support beyond eXp University come from the sponsor you name on your application.
What about Epique Realty
Epique Realty is a newer cloud brokerage that appears in some competing comparisons as a fifth option, positioned around AI tooling and bundled agent benefits. Its published split, cap, and fee terms are not disclosed on its public site, so it is named here for completeness rather than compared on numbers we cannot source.
Bottom Line
If cash cost in a single moderate-production year is the only variable, Fathom’s 100/0 plan wins the scenario above at $6,799 and eXp costs the most at $20,410. If the question is which cloud brokerage holds up across a full career, the ranking inverts: eXp is the only one of the four with a majority of profitable quarters since 2020, a Glassdoor Top 100 record, 7 willable revenue share tiers, a stock award program open to every agent, and 50+ live training hours per week, and its post-cap per-file cost is lower than an uncapped flat plan. Real Brokerage is the closest structural alternative on split economics. LPT and Fathom are the low-cost entries, priced that way because the flat plans sit outside the revenue share pool and, at Fathom, outside any equity program.
No brokerage on this page promises or produces a given income. What each one determines is your cost structure and which company programs you are eligible to participate in.
